I think $40k is still pretty generous, at least for the area that I live in. As you said, you can achieve financial freedom regardless of how much money you make. It’s a function of spending, not earning.

Great stuff Len! I’d wholeheartedly agree with #24. We did follow that pattern initially. However, later in life my wife decided to add #5) more education, and #6) a new career as a CPA. Making that transition was extremely difficult…three of the toughest years of our lives. But the entire family pitched in to help and we made it through. Now she is making double what she used to as a teacher and I’ve been able to become a stay at home dad and manage family affairs. So financial freedom can come with an alternative pattern, but like you said it’s much more difficult.

I occasionally play the lottery, I don’t expect to win anything, but it lets me dream. For the few days where there is the 0.0000001% chance of winning I get to plan how I will quit my job and plan vacations. Actually at that point it’s no longer vacation, it’s just life.

For those few days of letting my imagination run wild, it’s worth the buck.

Thanks for sharing this. The amount of times I said Amen when I read this post was ridiculous. I love it. It summarizes so much of what I believe especially this point: “Frugality has its limits. The most effective way to stretch your income is by finding ways to earn more money.”

Awesome post! I personally love #4 the most: I see some people in my neighborhood that just looking at them, most would think that they are just getting by. But if you really pay attention, they are the ones with all of the money while the guy with the new car ever couple of years is the fool.

Last year my return on Lotto tickets was 8.5% , not much but better then nothing. My idea is someone will win sometime. For less then the price of a fancy coffee and donut, each week (1-5$) I could become richer then I’ve thought of. Also consider this volunteer taxation which is better then mandatory.

If those in Washington, DC had some agates they would start a state and national lottery with prizes tax free. Consider each city would have a new tax source, county, state and federal would receive their share at time of sales. Every person could use an extra 1 or 5-10- 15-20-25 or 50K tax free?

The only problem I see is who would manage it. We already see the problems of super sized gov’t agencies. Thanks Len.

One of the best “articles” I’ve ever read. Really awesome, insightful and energizing. I suppose it helps that all of these ring true to my beliefs, so either it’s re-enforcing what I believe, or teaching me a few new things. Either way, thank you.

What an amazing list!. I adore you for making all these practices in reality. As for me, I have been suffering financial distress because of lack of financial management. Sometimes I use my credit card as an alternative when I want to shop or eat in a fine dining restaurant. Then when the date of payment arrives, all my salaries will only go there. I have no idea why I cannot control my expenses. It breaks my heart.

Disclaimer

This site is for informational and entertainment purposes only, and the content herein should not be mistaken for professional financial advice. This website accepts advertising in the form of monetary and other compensation; as such, topics of discussion are occasionally influenced by these advertisers. Ultimately, you and you alone are responsible for the decisions you make in life, so please contact an independent financial professional for advice regarding your unique personal situation.